The token of the crypto project The Sandbox has exploded in recent days, but why is the SAND token soaring?
Rapid ascent
The SAND token, which comes from the metaverse platform The Sandbox, is currently valued at just over $6.80. That means the price of the coin has risen by more than 27% in the last 24 hours. That’s an impressive price increase, but it gets even more impressive when you consider how much the token was worth a month ago. At that time, the price of 1 SAND token was ‘only’ $0.75. The coin has become worth about 8 times as much in 30 days.
But what exactly is The Sandbox and why is it rising all of a sudden?
What is SAND?
SAND is the token of The Sandbox. The Sandbox is a blockchain-based virtual world developed by pixowl, which allows humans to create and explore universes. It was originally a mobile and PC game, but was acquired by Animoca Brands in August 2018 and then brought to the blockchain.
Players must complete tasks. They can also save and upload their worlds to a public gallery.
“By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), The Sandbox creates a decentralized platform for a thriving gaming community.”
Why is the price rising?
SAND made a big price jump at the end of October. This coincided with Facebook’s announcement that it would change the name of its umbrella company to Meta.
Facebook CEO Mark Zuckerberg also made some comments about the metaverse — a digital universe where people can interact as avatars, allowing people to work, shop, learn and play in virtual reality spaces without being physically together.
He said the following at Facebook’s annual conference: “Over time, I hope we will be seen as a metaverse company. I want to anchor our work and our identity in what we are building towards.”
One of the world’s most powerful companies that cares so much about the concept of the metaverse sparked interest in platforms such as The Sandbox and Decentraland.
What can happen now?
investment site The Motley Fool is optimistic about SAND’s long-term prospects. The site wrote the following:
“Investors looking for cryptocurrencies with tremendous momentum and the potential for portfolio-changing returns are looking for options like SAND. It currently has a market cap of ‘just’ $4 billion. However, this is also a rapidly rising cryptocurrency, which broke the top 50 list today.
“Given the outrageous interest around the metaverse space and the implications blockchain-based metaverse games could have in this environment, this is a cryptocurrency that investors seem to be ready for.”
Of course, it remains to be seen whether the metaverse will indeed be as big as some expect, but for now The Sandbox is in good shape.